Reinsurance News
Terror, political violence rates continues to experience increases: WTW
25th April 2022
According to WTW, rates have continued to edge upward along with the threat of terrorism, sabotage and political violence on several fronts. The crisis in Ukraine has given rise to widespread questions about insurable risk and the application of war exclusions. As hostilities, catastrophic damage and the application of sanctions grow, the ... Read the full article
AM Best downgrades Conifer’s credit ratings
25th April 2022
Rating agency AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” (Fair) from “bb” (Fair) of P&C holding company, Conifer Holdings. The agency has also downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term ICR to “bbb-” (Good) from “bbb” (Good) of ... Read the full article
Aon and Atlas Credit provide LiquiGlide with $35mn for expansion
25th April 2022
LiquiGlide, Aon plc and Atlas Credit Partners have completed an intellectual-property based financing deal that provides LiquiGlide with $35 million to expand its commercial activities and continue to develop its platform for new applications. The company was invented at MIT by co-founders Dave Smith and Professor Kripa Varanasi. Its technology removes friction ... Read the full article
Catastrophes drive supply chain risks higher for businesses: Swiss Re’s Berger
22nd April 2022
With the cost and fallout from catastrophe events rising, and climate change increasing the severity and frequency of such events, businesses are now faced with increasing risks, greater costs and losses, says Andreas Berger, Chief Executive Officer Corporate Solutions, Swiss Re. Because of this businesses now need to identify and rethink ... Read the full article
US life/annuity insurers’ revenue up by $35 billion: AM Best
22nd April 2022
According to a new AM Best report, publicly traded U.S life/annuity insurance companies saw a strong recovery in 2021, with a $35 billion increase in revenue to $297.5 billion. This recovery took place coming on the back of a modest increase in premiums as well as increases in net investment income ... Read the full article
Lloyd’s appoints Yelhis Hernandez as market development manager for Central America
22nd April 2022
Lloyd’s has made Yelhis Hernandez as its market development manager for Central America. According to the firm, Hernandez has been its country manager in Mexico since September 2019. In her new role, she will also be responsible for developing access to Lloyd’s across the entire Central America region (which includes Belize, ... Read the full article
Canada’s Alberta province proposes new insurance law
22nd April 2022
Canada’s Alberta government has proposed legislation that will aims to increase the province’s capacity. Finance Minister Travis Toews tabled the Insurance Amendment Act in the legislature earlier this week. The Act is intended as a follow-up to last December’s Captive Insurance Companies Act and will go into force by the summer ... Read the full article
FedNat enters into consent order with OIR after downgrade
22nd April 2022
Florida based primary insurer FedNat along with its carriers, FedNat Insurance Company (FNIC), Maison Insurance Company (MIC) and Monarch National Insurance Company (MNIC) has entered into a consent order with the Florida Office of Insurance Regulation (OIR). In accordance to the order, FedNat and its carriers have agreed to file with ... Read the full article
There’s no such thing as taking bad risk: Graham Gordon, Sapiens
22nd April 2022
"There’s no such thing as taking a bad risk. Just bad choices of how to approach the risk and the bad result of that risk," according to Sapiens Director of Product and Strategy, P&C, Graham Gordon. In an interview with Reinsurance News, Gordon discussed some of the ways in which data ... Read the full article
London Market’s Q1 losses remain uncertain: BofA
22nd April 2022
Analysts at Bank of America (BofA) have warned that the scale of losses incurred by London Market insurers and reinsurers during the first quarter of 2022 will remain uncertain for some time yet due to the ongoing uncertainties around exposure to the conflict between Russia and Ukraine. Although the key area ... Read the full article
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
“We’re trying to turn a nightmare into a dream with Tesla Insurance,” – Elon Musk
22nd April 2022
During Tesla’s recent Q1 2022 earnings call, Chief Executive Officer, Elon Musk, along with Chief Financial Officer, Zachary Kirkhorn, shared key details about Tesla’s new insurance offering that uses real-time driving behaviour data. The insurance offering was launched earlier this week in Virginia, Colorado and Oregon. During the call, Musk explained that ... Read the full article
ICEYE adds flood insights to EigenRisk’s cat risk management platform
22nd April 2022
SAR data provider and expert in environmental flood hazard data, ICEYE and EigenRisk, a leading and independent insurance technology platform provider, have announced a new agreement to incorporate ICEYE’s flood insights for large-scale flood events into the EigenPrism catastrophe risk management platform. EigenPrism provides a single, cloud-based platform for catastrophe data, ... Read the full article
Clyde & Co. promotes fourteen into partners
22nd April 2022
Clyde & Co. has made fourteen promotions in its insurance sector as part of a sweep of making employees into equity partners. The firms said it had made twenty-three promotions into equity partners, the majority being in its insurance sector. It has also made five promotions in projects and construction; three ... Read the full article
Allstate reports March cat losses of $227m
22nd April 2022
Allstate says that it has estimated catastrophe losses for the month of March of $227m or $179m, after-tax. The company said that March catastrophe losses included six events, primarily tornado and wind in Texas and the southeast, estimated at $246m, plus favorable reserve reestimates for prior events. Catastrophe losses for the ... Read the full article
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